The funding round was led by Balderton Capital. Existing investors – Crane Ventures Partners, SEED Capital, and Heartcore – also participated in the round.
Founded in 2016, Forecast is headquartered in Copenhagen and its platform is powered by artificial intelligence (AI).
According to a blogpost by CEO Dennis Kayser, the company is on “a mission to unlock the power of intelligence to help people do the best work of their lives”.
It aims to do this through its work automation platform, enabling companies and workers to significantly reduce the time they spend doing administrative and repetitive tasks — thereby enabling people to focus on projects that matter and profitability.
Forecast’s AI platform also includes functionality that helps keep projects running on time and on budget, as well as supports companies in managing their employee’s workload and fostering better collaboration within teams.
The company claims to have helped automate almost 180,000 projects and 4 million tasks across 40 countries, meaning it has tripled it has allegedly tripled its revenue during the pandemic.
Forecast’s bright future
The HR tech company aims to use this funding to continue to grow its business and teams in Copenhagen and London — where it opened an office in 2020 – as well as open a new office in New York later this year.
Forecast also plans to use the funding to continue to improve its AI and machine learning platform to drive further workplace efficiencies.
Kayser noted: “This funding is a significant step in Forecast’s journey to reimagine the project experience, as we move the company from an innovative challenger to a true leader in the market.”
Simultaneous with the funding, ex-CEO and founder of FinancialForce Jeremy Roche is going to join Forecast’s board of directors to support the company’s future strategic direction.